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New Short Sale Rules Will Help Wilmington, DE Home Sellers!

Thursday, September 6, 2012
by Katina Geralis

Homeowners in Wilmington and Newark, DE who have negative equity and a personal hardship are about to get more help. Starting November 1, 2012, short sales will get easier for mortgages involving Freddie Mac and Fannie Mae. 

The best news for Wilmington and Newark home sellers is that you no longer have to be behind in your mortgage to be considered for a short sale! If you have a personal hardship, you can qualify for a short sale before you are in risk of foreclosure.

For the purpose of a short sale, here are the recognized hardship categories. Bear in mind that having one of these doesn't give you a clean sweep, but gives you a case to apply for a short sale:

  • Divorce
  • Death of borrower or co-borrower
  • Business failure
  • Disability
  • Job loss
  • Natural disaster
  • Excessive financial obligations
  • Job relocation 50 miles away or more
  • Military with Change of Station orders

There are a few more changes taking effect that will speed up the short sale process. Namely:

  • Mortgage services will be authorized to directly approve qualifying short sales
  • Second-lien holders will be given financial incentive to allow the short sale
  • Home sellers in risk of foreclosure will have a streamlined process with reduced paperwork

One caveat: home sellers who have sufficient financial assets will be asked to make a contribution to the short sale. In return, no deficiency judgment will be filed for the difference between the sale proceeds and the outstanding loan balance.

Short sales will become more feasible and a bit quicker under the new guidelines. This is terrific news for the Wilmington and Newark real estate markets, as short sales use current market value in the transaction, unlike post-foreclosure sales that can be deeply discounted. Short sales preserve neighborhood home values and prevent the blight that can follow abandoned homes.

This doesn't mean that short sales are the right decision for everyone. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be a difficult decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best decisions.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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Home Prices on the Rise

Thursday, July 26, 2012
by Katina Geralis

While typically the second quarter market stats see a decrease in home values, for the first time since 2007, prices have been on a consistent rise.  This will greatly benefit you when selling your Wilmington, DE home.  The real estate market is showing a steady increase that does not appear to be stopping any time soon.

Based on reports from Zillow's Home Value Index homes have increased in value by .2 percent from this time last year. That is approximately $150,000 per home. This shows that not only are people buying homes, but they are willing to spend the appropriate amount of money on them.  Although prices are increasing, reports also show that they will level off after the mortgage settlement and are not predicted to drop again.

While home prices are on the rise, foreclosures appear to be on the decline. With record low mortgage rates, people are able to stay current on their payments and avoid the foreclosure process.  Currently reports say that about every 5.8 out of 10,000 homes are foreclosures. Since January of 2012 every month has seen a decline in the amount of foreclosed properties.

Selling your Wilmington, DE home will be much more appealing now that prices are starting to go back up. Pricing your home at an appreciated price will help not just your finances but also the entire real estate market. 

Predicting a 1.1 percent increase going into 2013, the market is showing a steady increase.  Throughout 2012 every month has seen growth from the year before. Despite a slight lag in job growth, the real estate market is still going strong as people buy homes and are willing to spend more money on them.

If you have any questions regarding the real estate market, feel free to ask. Also, if you or anyone you know is interested in buying or selling Wilimington, DE real estate, contact me! I look forward to speaking from you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

Increase the Value of your Wilmington, DE Home

Thursday, July 12, 2012
by Katina Geralis

When you’re deciding to sell your home in Wilmington, DE or Newark, DE, one of the first things you’ll want to know is how much your home is worth in today’s market. If you purchased your home at the height of the real estate bubble, chances are you think your home is worth more than it is. However, this doesn’t mean you can’t still net a profit you’ll be happy with.

One way to get an idea of how much your home is worth is to research other Wilmington, DE homes that are for sale in the area to see how your home compares in terms of size, location and features. Once you see what the competition looks like, you can start making smart, cost-effective updates to your home before putting it on the market. Here are a few tips for increasing the value of your Wilmington, DE or Newark, DE home.

1. Go Neutral

One of the most inexpensive and effective things you can do to increase the value of your Wilmington, DE home is to slap a fresh coat of paint on the interior walls. Paint does wonders for making your home look clean and updated. Go for neutrals, which appeal to the greatest number of people.

2. Get an Expert’s Advice

Rather than spending money to hire a designer, have a Wilmington, DE real estate agent come into your home and take a look around. Experts, such as myself, can give you pointers on what will turn buyers away, like popcorn ceilings, and what will impress them, like a water filtration system in your kitchen. Then, you can implement these changes to increase your home's value. When you’re ready for a few tips, just give me a call!

3. Update your Decor

Use home magazines, Pinterest, and catalogs for inspiration to spruce up the décor in your Wilmington, DE home. A colorful pillow or two on the couch can brighten up a living room while a vase full of beautiful flowers on the dining room table or in the kitchen can give your home an inviting feel home buyers will appreciate. Get creative and DIY when you can to cut costs.

4. Maintain Curb Appeal

I can’t stress enough how important it is to maintain your lawn and landscaping when you’re trying to sell your home. Keep the grass cut and watered and tidy up the landscaping to boost your home’s curb appeal. Add a splash of color with some potted flowers by the front door if you’re not willing to sink some money into updating your landscaping.

One of the best tools you can use to determine the value of your home is a comparative market analysis. Your Wilmington, DE real estate agent can gather data about other homes for sale and homes that have recently sold in the area to help you determine how your home competes and how it should be priced. Of course, your lender will most likely require an appraiser to evaluate your home, but doing some preliminary research and getting in touch with a local real estate agent are great places to start. Please let me know if I can be of any assistance as you explore the process of selling your home!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

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